Another chapter has been added to the remarkable story of Winx after the champion mare delivered a filly by Too Darn Hot at Coolmore Stud in the Hunter Valley late on Tuesday night, with the foal arriving at around 10pm after a pregnancy that had extended several weeks beyond the expected date. Despite the delay, the birth was uncomplicated and the early signs were all positive, with the newborn quickly standing, drinking and displaying the normal behaviour connections hoped to see. According to Racing.com, the filly is the third live foal produced by Winx, whose extraordinary racetrack career yielded 25 Group 1 victories and made her one of the defining thoroughbreds of the modern era. Her latest foal is by Darley stallion Too Darn Hot, a son of global sire influence Dubawi who is standing the current Australian breeding season at a fee of $275,000 including GST, adding considerable pedigree interest to a mating that was always certain to attract attention. Winx part-owner Debbie Kepitis described the arrival as heart-warming news and said the filly appeared to have emerged from the birth in excellent order. “It was good news. It warmed the heart,” Kepitis said, before adding: “She’s a nice filly and it looks like she’s got everything in the right place.” Kepitis also confirmed that the youngster had stood, drunk and completed the usual early milestones without issue, providing reassurance after the extended wait for her arrival. The first public images of Winx with her new foal are expected to be released within the next 48 hours. Winx’s first live foal, a Pierro filly born in 2022, created extraordinary interest when offered at the Inglis Australian Easter Yearling Sale, where Kepitis secured her for an Australian record $10 million. Named Quinceanera, she did not race and was retired earlier this year. Winx subsequently produced a colt by Snitzel, now a two-year-old, who has yet to be named. Attention will inevitably turn to what comes next for the celebrated mare, although no public decision has yet been made on whether she will be served again during the current breeding season or given a break before potentially returning to the breeding barn in 2027. For now, the successful arrival of another healthy foal provides the latest milestone in a post-racing career that continues to command immense interest well beyond the boundaries of the breeding industry.
Megastar Winx still has a huge following (pic: Steve Hart)
Karaka Graduate Streets South African Rivals
Thursday, 24th September 2026
A commanding display over 2000 metres at the Vaal in South Africa has provided an early glimpse of the staying potential connections believe resides in New Zealand-bred three-year-old One Eye On Dubai, who turned his third raceday appearance into an eight-and-a-half-length procession on Tuesday. The Almanzor colt, trained by Mike and Mathew de Kock for Hollywood Racing, was sent forward by Callan Murray and controlled proceedings throughout before stretching decisively clear, opening his winning account after showing considerable improvement through his first two starts. According to New Zealand Bloodstock, One Eye On Dubai began his career with a fourth over 1200 metres at Turffontein in August and then stepped up sharply when runner-up over 1700 metres at the Vaal on September 10, an effort connections felt could easily have resulted in victory after he dictated a slow tempo and allowed another runner to gain the initiative. There was no such complication over the extra distance at his third appearance, with his rivals coming under pressure while Murray still had plenty beneath him. Mathew de Kock said the colt had progressed markedly with every outing, having hardly advertised himself before his debut but subsequently improving both on raceday and in his work. "He won very well. Each run has brought him on considerably," de Kock said, describing him as "a nice young progressive stayer." Murray was similarly encouraged by his apparent stamina, saying One Eye On Dubai seemed to stay particularly well and had an exciting future over ground. His name carries considerably more meaning than simple wordplay, reflecting De Kock Racing's planned return to Dubai with the backing of Hollywood Racing and also providing a link with fellow Hollywood runner One Eye On Vegas. Purchased by Craig Ramsay for NZ$240,000 from Riversley Park's Book 1 draft at Karaka 2025, One Eye On Dubai was bred by the Smithies family's Monovale Stud and boasts a pedigree containing considerable black-type substance. By Cambridge Stud's Almanzor, he is out of stakes-winning Exceed And Excel mare Applegate and is a half-brother to dual Group 2 winner and New Zealand 1000 Guineas G1 runner-up Impendabelle, as well as Adelaide Gr3 winner Cloudy. The family will return to the Karaka sale ring in November when a Proisir half-brother to One Eye On Dubai is offered by Riversley Park at the NZB Ready to Run Sale, but for Hollywood Racing and the De Kock team, attention is now firmly fixed on how far their rapidly improving colt can progress after announcing his staying credentials in emphatic fashion.
The Autumn Sun's New Generation Takes Shape
Thursday, 24th September 2026
A different examination awaited Australia's reigning Horse of the Year at Royal Randwick on Saturday, yet the outcome remained strikingly familiar as Autumn Glow again displayed the class, speed and determination that have made her one of the country's outstanding performers, capturing the $1 million ATC 7 Stakes G2 over 1600 metres before an appreciative crowd of around 10,000. The victory was the 13th of her remarkable 14-start career and, provided she progresses as hoped, sets her on course for the $5 million King Charles III Stakes G1 over the same Randwick mile on Everest day, 17 October. Her continued excellence has naturally placed considerable attention on sire The Autumn Sun, although the champion mare is only part of an increasingly substantial body of work that has carried him into third place on the Australian General Sires' Premiership with around $2.2 million in progeny earnings, narrowly behind I Am Invincible and Arrowfield barn-mate Maurice. While Autumn Glow has contributed a little more than half that total, the depth underneath her is becoming increasingly important. Last season's Champion 3YO Colt Autumn Boy has already returned with a Group 1 placing, while $900,000 earner Matusalem added the Wyong Cup LR earlier this month. Livalittle, Changing Colours, Equinox Legend and Horizons have each registered metropolitan victories in the new season, with Surfin' Bird preparing to resume in the Golden Pendant G2 and Matusalem being aimed towards the Big Dance. According to Arrowfield Stud, Autumn Boy and Group-placed Plymouth hold Epsom Group 1 nominations, Group 1 performer After Summer and stakeswinner Private Legacy are bound for the Stocks Stakes G2, while promising 3YOs Autumn Lover, Autumn in Grinzing, Nikitria and Sunbliss also have black-type assignments on their agendas. The wider significance of The Autumn Sun's rise lies in the changing shape of Australia's stallion ranks. Established champions I Am Invincible and Written Tycoon remain powerful forces, as does Street Boss, but at 22 and 24 respectively the first two are inevitably approaching the closing stages of exceptional careers. Snitzel continues to defy convention after death, while the influence of So You Think, Fastnet Rock and retired champion Exceed And Excel must gradually contract. In their place is a generation whose stud careers began from 2014 onwards, with 11 members of that cohort finishing among last season's top 20 Australian sires by earnings. Zoustar has already claimed a premiership, while The Autumn Sun, Maurice and Dundeel are among a substantial group of active younger stallions positioned to shape the next decade. As one of the youngest among them, and already responsible for a world-ranked Horse of the Year, a Champion 3YO Colt and three other Group 1 winners, The Autumn Sun enters 2026 with both the established record and expanding depth to command serious commercial attention.
Autumn Boy has returned with a Gr1 placing (pic: Mark Gatt)
Belmont's Tapeta Passes First Key Test
Thursday, 24th September 2026
Heavy rain provided Belmont Park's newly constructed Tapeta circuit with an earlier and more revealing examination than perhaps expected, and the first evidence from racing on the synthetic surface offered encouraging signs for both field retention and competitive balance. Four races scheduled for turf on September 20, only the third day of racing over Belmont's rebuilt surfaces, were transferred to the one-mile all-weather oval as rain forced changes to the program, while the Forever Together Stakes remained on the main turf course, which was rated good. The switches produced the first races conducted on Belmont's fourth and innermost track and, according to bloodhorse.com, the immediate numbers offered a persuasive argument for its value: fields of eight, 12, 12 and nine contested the four relocated races, an average of 10.25 starters, with considerably greater attrition regarded as likely had those contests instead been shifted to a muddy dirt track. Importantly, the early results also gave little indication of a pronounced racing pattern, with the four winners positioned third, first, ninth and fourth after the opening quarter-mile and two starting at odds of 5-2 or shorter. Trainer Miguel Clement, who saddled four runners across the Tapeta races and won the last with Oak Bluff Stable's Medaglia d'Oro mare Lyn's Legacy, was particularly encouraged by how faithfully the results reflected pre-race expectations. "I thought it was great," Clement said, adding that horses expected to perform strongly largely did so, which he regarded as an encouraging indication that the surface was racing truly. His Fierce Hope supplied another useful piece of evidence, charging from 10th of 12 in a six-furlong maiden for New York-bred two-year-olds to miss by only a head, helping counter an early impression that horses racing prominently might enjoy a significant advantage. Clement said he would probably have scratched three of his four runners had the races been transferred to dirt, while Ozara, withdrawn from the Forever Together because of the turf conditions, would have competed had that event instead gone to Tapeta. There were still details to refine, with Clement noting more kickback than anticipated, although horses appeared to handle it satisfactorily and jockey reaction was broadly positive. Belmont's Tapeta was installed both as a year-round training option and as the designated winter racing surface, while also providing an alternative when turf races are displaced by poor weather. With full-time winter use beginning in December, NYRA now has several months of live-racing evidence in which to fine-tune the track, but its impromptu debut provided a promising demonstration of exactly why the additional surface was incorporated into the rebuilt Belmont Park.
Victoria Derby Gets $1m Lifeline Boost
Thursday, 24th September 2026
One of Australian racing’s oldest and most prestigious Classics has been handed a significant financial reinforcement, with the Gr1 Victoria Derby to carry record prizemoney of $3 million this spring as authorities move to protect the race’s standing within the international Pattern. Racing Victoria and the Victoria Racing Club have added $1 million to the purse for the 2500-metre contest at Flemington on October 31, lifting it from $2 million and placing it on the same prizemoney level as the Gr1 Caulfield Guineas, with both three-year-old features now offering $1.8 million to the winner. The move follows scrutiny from the Asian Pattern Committee, which earlier this year considered whether the Victoria Derby should be downgraded from Group 1 level before ultimately allowing it to retain that classification for the 2026-27 season. Its longer-term status is not yet secure, however, with a further decision concerning the 2027-28 season to be made after this year’s running, giving additional significance to both the quality of the field assembled and the broader program supporting Australia’s staying three-year-olds. According to Punters.com.au, the prizemoney increase represents the first major response to that warning and forms part of a wider Racing Victoria review of the state’s three-year-old and staying program. RV chief executive Aaron Morrison said the Derby’s place within Victorian racing extended well beyond its financial value, describing it as integral to the success of the industry because of its heritage and its role at the centre of one of world racing’s major racedays. “We believe the retention of Group 1 status for the Victoria Derby is vital given the day’s importance to our industry and the fabric of Australian racing more broadly,” Morrison said, adding that authorities needed to be proactive in preserving that position. The race remains commercially significant as well as historically important: Victoria Derby Day was Australia’s highest-attended race meeting in 2025, while wagering turnover on the Derby itself ranks fourth among Victorian races behind only the Gr1 Melbourne Cup, Gr1 Caulfield Cup and Gr1 Cox Plate. Champion trainer Chris Waller, a three-time Derby winner through Preferment in 2014, Manzoice in 2022 and Riff Rocket in 2024, welcomed the increased purse and the opportunity it creates for Australasian-bred three-year-olds to compete for substantial rewards. Last year’s edition was won by Godolphin’s Observer, who had previously finished third in the Gr1 Caulfield Guineas, and this season’s renewal will now carry consequences extending well beyond its $3 million purse as Australian administrators seek to ensure the Victoria Derby retains both the depth of competition and international recognition befitting its place in the nation’s racing history.
Queensland Racing Governance Reshaped
Thursday, 24th September 2026
A significant restructuring of Queensland racing administration is set to bring Racing Queensland and the Queensland Racing Integrity Commission closer together under a new hybrid governance model designed to reduce duplication while retaining independent oversight of integrity and animal welfare. Announced by the Queensland Government as part of its broader The Next Lap plan for the state's racing industry, the reform will amalgamate functions currently performed separately by RQ and QRIC, with the Government saying the changes are intended to improve operational efficiency, long-term sustainability and public confidence. According to Racing Queensland, a central element of the model will be the creation of a Chief Integrity Officer within RQ, although the position has been structured to maintain a degree of separation from the organisation's commercial and administrative operations. The Chief Integrity Officer will hold equal standing with the Racing Queensland Chief Executive Officer and report directly on integrity and animal welfare matters to the Racing Minister, the RQ Board and a newly established subcommittee responsible for those areas. Queensland Minister for Sport and Racing and Minister for the Olympic and Paralympic Games Tim Mander said racing remained an important contributor to the state economy, generating more than $2.5 billion annually and supporting approximately 14,000 jobs. He said the Government regarded a more progressive and efficient governance structure as necessary if racing was to continue growing across Queensland communities, while keeping animal welfare prominent in decision-making. The proposed amalgamation is aimed particularly at removing overlapping administrative functions between Racing Queensland and QRIC without folding integrity responsibilities entirely into the organisation's normal management structure. "By amalgamating Racing Queensland and the Queensland Racing Integrity Commission and establishing a Chief Integrity Officer, we can maintain clear lines of accountability while reducing operational duplication," Mander said. The Government maintains that those arrangements should deliver both greater administrative efficiency and clearer responsibility for integrity outcomes, with the new officer's direct reporting lines intended to protect the independence of integrity and welfare decisions. The changes form one component of The Next Lap, the Government's wider program for the future direction of Queensland racing, and represent a substantial alteration to the structure through which the state's thoroughbred, harness and greyhound codes are administered and regulated.
Hayes Says Everest Star Has Improved Again
Thursday, 24th September 2026
Confidence surrounding Ka Ying Rising has only strengthened following his arrival in Sydney, with trainer David Hayes declaring the reigning TAB Everest champion at least 10 per cent better than the horse who captured the $20 million sprint twelve months ago. The Hong Kong star stepped onto the Canterbury track on Tuesday morning after arriving in Sydney the previous afternoon, and early indications from Hayes’ team suggest the gelding has travelled even more smoothly than he did for his successful 2025 campaign. Ka Ying Rising lost only 5kg during the trip despite departing Hong Kong 7kg heavier than at any previous point, while his temperature remained normal and he ate up on arrival, factors that have encouraged both Hayes and his veterinary team. Speaking to racingnsw.com.au, Hayes said he believed the gelding had settled in better than at the corresponding stage last year and conservatively estimated his improvement at 10 per cent or more. That assessment is particularly significant given Ka Ying Rising’s dominant record over the past twelve months, during which Hayes has come to regard last year’s Everest victory as arguably one of the less emphatic performances of an otherwise extraordinary sequence. Having revisited previous editions of The Everest, the trainer nevertheless ranked Ka Ying Rising’s success among the easier wins in the race’s history and believes the horse is now operating at an even higher level. Hayes has been closely monitoring Australia’s sprinting ranks and considers reigning Australian Sprinter of the Year Joliestar the rival he respects most, while Gr2 Concorde Stakes winner Tempted also continues her preparation after finishing fourth in a Rosehill barrier trial. The major difference in Ka Ying Rising’s preparation this spring is the deliberate attempt to remove the fitness uncertainty that briefly surfaced before last year’s Everest, when both Hayes and jockey Zac Purton expressed concern after the gelding was beaten in a Randwick trial ten days before the race. This time, his Chief Executive’s Cup performance before entering quarantine was specifically designed to provide a stronger conditioning base, with Purton instructed to allow him to quicken from the 400 metres rather than ease him down. Ka Ying Rising responded by breaking the course record in 1:06.10, giving Hayes confidence that the gelding arrives in Australia considerably more forward. His Canterbury work will remain broadly familiar, although the stable intends to lengthen his slower exercise as he builds toward a public Randwick trial on October 6. With just over three weeks remaining until The Everest, Hayes believes the champion has travelled better, prepared better and returned stronger, leaving his rivals with the formidable task of finding the improvement required to threaten a horse already established as the benchmark of world-class sprinting.
Everest Dream Finally Realised for Headwall
Thursday, 24th September 2026
Twelve months after an untimely injury extinguished what appeared to be a genuine chance of contesting The Everest, the long road back has finally delivered the outcome Matthew Smith and Headwall’s connections had been pursuing, with the seasoned sprinter securing his opportunity to take part in the $20 million Randwick showpiece. Few horses have had to make a more patient case for inclusion. Headwall first forced himself into elite sprinting calculations through a sequence that included placings in the Gr1 Newmarket Handicap and Gr1 TJ Smith Stakes as well as a narrow defeat in The Quokka, before winning the Concorde Stakes in 2025 and appearing on the cusp of attracting an Everest slot. That campaign ended almost immediately when a bone chip in a hind pastern was discovered, an unusual injury that could not be operated on and required a lengthy period of rehabilitation. Smith and the ownership group resisted the temptation to rush him, and the seven-year-old returned after approximately a year away to produce an outstanding second behind Tempted in this season’s upgraded Gr2 Concorde Stakes, despite encountering traffic before closing strongly. His follow-up fifth in the Gr2 The Shorts was more meritorious than the finishing position suggests, Headwall recording the fastest final 600 metres of the Randwick meeting as Mazu controlled the race from the front. As reported by racenet.com.au, Smith’s ambition of finally getting his stable star into The Everest has now become reality, completing a particularly satisfying turnaround after the disappointment of the previous spring. The achievement carries additional significance for a trainer who has always regarded Headwall as capable of competing at Gr1 level and whose patience through the rehabilitation process was matched by owners prepared to give the gelding every opportunity to recover completely. Headwall’s record already illustrates remarkable consistency: before his injury he had established himself repeatedly against Australia’s leading sprinters, while his comeback performances have shown that the lengthy absence has not robbed him of the explosive finish that originally brought him to the attention of Everest slot holders. The assignment awaiting him on October 17 could scarcely be more demanding, with Hong Kong champion Ka Ying Rising returning to defend his crown and an increasingly accomplished Australian contingent assembling around him, but simply reaching the race represents something more substantial than another entry on Headwall’s résumé. A year ago the opportunity disappeared almost as soon as it seemed within reach; this spring, perseverance has ensured that Smith and his stable finally get their chance on racing’s richest sprinting stage.
Country Cups to Underpin Victorian Carnival
Thursday, 24th September 2026
Regional racing will again form a substantial part of Victoria’s spring landscape, with 25 feature country Cups programmed between late September and the end of November, beginning with Coleraine on AFL Grand Final Eve and concluding with Traralgon on November 29. The series will take racing into communities across the state, including once-a-year meetings at Gunbower, Manangatang, Mt Wycheproof and Dunkeld, where Cup Day often draws crowds many times larger than the resident population and becomes as much a local celebration as a sporting occasion. Multiple Country Cups-winning trainer Emma-Lee Browne, who has claimed the past two Dunkeld Cups with Rhinoceros and Le Zebra, believes the attraction lies in that relaxed mix of racing, community and entertainment, telling racing.com that country Cups are “where it’s at” because of their informal, sociable atmosphere and capacity to bring people together at distinctive racecourses. That broader appeal is backed by considerable economic weight. Victoria’s Spring Racing Carnival generates more than $785 million in economic benefits, while the recently released Size and Scope of the Victorian Racing Industry Report values racing’s total contribution to the state at more than $5.5 billion, with regional Victoria accounting for 46 per cent of that impact. Country meetings provide a direct boost to accommodation, hospitality, retail and other local businesses, and Country Racing Victoria’s spring campaign, It’s Got It All, is designed to reinforce those wider attractions through live music, family activities, transport options and hospitality packages. Country Racing Victoria chief executive Scott Whiteman said spring offered clubs an opportunity to showcase both their meetings and the towns around them, with innovation increasingly important to maintaining an affordable and enjoyable raceday product. Several of the country Cups also retain major significance within the metropolitan spring program, most notably Geelong and Bendigo, which have long served as important Melbourne Cup form references. The $500,000 Gr3 Geelong Cup over 2400 metres carries added importance this year because its winner will receive ballot exemption into the Melbourne Cup, creating a direct pathway to Flemington. The race already has a distinguished history as a Cup stepping stone, with Media Puzzle completing the Geelong Cup-Melbourne Cup double in 2002 and Americain repeating the feat in 2010. Taken collectively, the country circuit offers far more than a supporting role to Victoria’s metropolitan carnival, combining serious racing, significant tourism value and the distinctive social character that has made spring racing an annual focal point for regional communities across the state.
System Of Play Rewards Ohukia Gamble
Thursday, 24th September 2026
Stretching the budget at a yearling sale has proved a shrewd decision for Jamie and Chanel Beatson, with exciting three-year-old System Of Play emerging as one of New Zealand’s leading Gr1 2000 Guineas prospects after beginning his career with two victories from as many starts. Operating under their Ohukia Lodge banner, the Beatsons paid A$180,000 for the son of Vinery Stud stallion Ole Kirk at last year’s Magic Millions Adelaide Yearling Sale, exceeding what they had originally intended to spend after identifying the colt remotely with the assistance of Bill and James Mitchell. That investment was subsequently vindicated in spectacular fashion when Te Akau principal Sir David Ellis paid NZ$480,000 for him at the New Zealand Bloodstock Ready to Run Sale, and System Of Play has continued to enhance his reputation on the racecourse. After winning on debut at Te Rapa in the autumn, he was spelled before returning with an impressive 1400-metre success at Ellerslie on Saturday for trainers Mark Walker and Sam Bergerson, a performance that has seen him installed as a $4 favourite for the Gr1 New Zealand 2000 Guineas at Riccarton. Beatson told racingnews.co.nz that the colt had appealed both on pedigree and type and, although Ohukia had to go beyond its anticipated price range, the decision now looks increasingly astute. System Of Play is out of the Medaglia D’Oro mare Statuesquely, whose granddam is dual Gr1 winner Lotteria, while former champion Singapore sprinter and elite performer The Inferno also appears on the page. Ohukia’s recent graduates include another promising three-year-old in Justin Case, a son of Banquo who was originally being prepared for the Ready to Run Sale before plans changed and he remained in the ownership of breeder Waikato Stud with Beatson. Trained by Kris Shailer, Justin Case has won three of his five starts, including the Gr3 Matamata Slipper last season, and began his current campaign by winning the Listed Sir Colin Meads Trophy. Although nominated for the 2000 Guineas, he is unlikely to travel to Riccarton, with Waikato Stud’s Mark Chittick considering him for a slot in the $4.5 million NZB Kiwi instead. Attention at Ohukia is also turning toward November’s Ready to Run Sale, where a Toronado colt from the family of three-time Melbourne Cup heroine Makybe Diva is expected to attract strong interest, alongside yearlings by All Too Hard and The Autumn Sun. System Of Play, however, is already providing compelling evidence that occasionally breaking the budget can be precisely the right commercial decision.
NZ 2000 Guineas favourite System of Play (pic: supplied)
Appleby Juveniles Hit Top Gear
Thursday, 24th September 2026
Any lingering memory of a bleak early summer at Moulton Paddocks has been comprehensively erased by an extraordinary revival from Charlie Appleby’s team, with Nabati’s Gr2 Mill Reef Stakes success at Newbury providing the latest evidence that Godolphin’s juveniles are approaching the autumn’s defining races in formidable order. The transformation is particularly striking given where Appleby stood only three months ago. June produced just six winners, his lowest tally for that month since beginning his training career, while the stable was absent entirely from the Derby and Oaks meeting at Epsom and endured a winless Royal Ascot from 12 runners. Even Notable Speech, sent off at $3.25 for the Queen Anne Stakes, could finish only sixth behind $51 outsider Ten Bob Tony. The recovery began to become visible at Newmarket’s July Festival, where four Appleby winners offered the first compelling indication that the stable had turned a corner, and what followed has developed into something considerably more substantial. Writing for sportinglife.com, Ben Linfoot identified Nabati’s Mill Reef victory as another marker of a stable now operating at the opposite end of the spectrum from its June struggles, particularly among an increasingly imposing group of two-year-olds. The colt displayed sufficient speed and acceleration at Newbury to raise questions about whether attempting to stretch him to the 1600-metre 2000 Guineas next spring would even play to his strengths. His pedigree carries a pronounced sprinting influence and the evidence of the Mill Reef suggested that a three-year-old campaign built around speed, potentially culminating at Royal Ascot in the Commonwealth Cup, could prove the more natural direction. Appleby hardly lacks alternatives among his juvenile division, and attention now turns towards Newmarket’s Cambridgeshire meeting, where several highly regarded youngsters are positioned to strengthen the stable’s hand further. Al Jabbar is being readied for the Gr2 Tattersalls Stakes, First Law is in contention for the Gr2 Royal Lodge Stakes and Inner City Blues could tackle the Gr1 Middle Park Stakes, giving Godolphin significant representation across three important juvenile contests. Another promising youngster, Flower Show, added to the stable’s sequence at Newmarket when building on her Sandown debut to score over 1600 metres, Appleby indicating afterwards that the Dubawi filly possesses considerable physical scope and should continue to sharpen mentally. The contrast with June could scarcely be greater. A stable conspicuous by its absence at Epsom and unable to find a winner at Royal Ascot has reached autumn with a powerful collection of young horses, and Nabati’s Mill Reef performance suggests the resurgence may yet have its most important chapters still to come.
